Japan Logs Record Nov. Current Account Surplus

Jiji Press

17:43 JST, January 12, 2024

TOKYO (Jiji Press) — Japan posted a record current account surplus for November, chiefly as its trade deficit shrank thanks to a pause in resources price surges, government data showed Friday.

The country’s current account surplus grew 8.7% from a year before to ¥1,925.6 billion, the Finance Ministry said. Japan posted a surplus in the current account balance, the broadest measure of the country’s trade and investment with the rest of the world, for the 10th straight month.

Its goods trade deficit totaled ¥724.1 billion, more than halving from the year-before deficit of ¥1,521 billion.

Exports declined 4.5% to ¥8,623.9 billion. Imports plunged 11.4% to ¥9,348.1 billion, reflecting a sharp fall in the value of imports of energy resources, such as coal and liquefied natural gas.

In services trade, Japan logged a surplus of ¥24.7 billion, against ¥124.5 billion in deficit a year before, as the travel account surplus grew thanks to a rise in the number of visitors to Japan.

The surplus in the primary income balance, which covers dividend and interest payments and receipts, came to ¥2,894.9 billion, the second highest level for the reporting month, although the figure was down 20.3% from a year before, when the shipping industry achieved robust earnings.